Bitfinex Securities raises $50M in a tokenized nickel deal

Bitfinex Securities completed a $50 million tokenized capital raise for metals company Alkemya, its largest raise to date, Cointelegraph reported.

The raise involved ALKN, a tokenized security representing limited partnership interests in Luxembourg-based Alkemya Metacore SCSp, according to a joint announcement the companies shared with Cointelegraph on Thursday. The partnership owns about 7 million meters of 99.99% pure nickel wire, independently valued at roughly $1.64 billion. ALKN marks Alkemya's first tokenization project, an Alkemya spokesperson said, and gives investors fractional, digitally transferable interests in the partnership, letting the company raise capital against a metal stockpile instead of selling equity outright.

The $50 million figure surpassed Bitfinex Securities' previous record of $30 million, set for USTBL, a tokenized US Treasury product issued under El Salvador's Digital Asset Law. The platform has now completed seven capital raises and listed 16 assets, a track record that puts this nickel deal at the top by dollar volume rather than as an isolated one-off.

• New raise: $50 million, a Bitfinex Securities record
• Nickel stockpile backing ALKN: about 7 million meters, valued at $1.64 billion
• Previous record: $30 million for USTBL (El Salvador Digital Asset Law)
• Platform total: 7 capital raises, 16 assets listed

The structure keeps the token illiquid on purpose, at least for now. Additional ALKN tokens remain available to eligible investors through Bitfinex Securities until October 15, and secondary trading won't open until at least the next fundraising tranche closes. That gating is typical for tokenized securities still building out their investor base, a way to finish selling the current allocation before letting holders trade among themselves.

Nickel sits in an unusual spot for a tokenization deal: most RWA activity so far clusters around Treasuries, real estate, and gold, assets with deep existing markets and straightforward pricing. A 7-million-meter wire stockpile is narrower and more industrial, and Alkemya plans to use the proceeds to commercialize engineered nickel products for applications including semiconductors, a bet that ties the token's value to demand from chipmakers rather than spot metal prices alone. The broader trend backs the wager: Intokened covered how real-world asset tokenization grew 5x in a single year, with issuers increasingly reaching past the obvious asset classes toward stranger collateral, the same pattern behind a loan in Brazil backed by tokenized cows.

The real test still sits ahead of the fundraising milestone: whether a market forms at all around fractional claims on industrial nickel once holders are finally free to trade them.

Nothing here should be taken as financial advice — just information to consider.